Annexon (NASDAQ:ANNX) Trading Down 5.3% Following Insider Selling

Annexon, Inc. (NASDAQ:ANNX) shares dropped 5.3% during trading on Monday following insider selling activity. The stock traded as low as $6.66 and last traded at $6.66. Approximately 276,561 shares changed hands during trading, a decline of 86% from the average daily volume of 1,929,670 shares. The stock had previously closed at $7.03.

Specifically, EVP Ted Yednock sold 4,500 shares of the stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $7.10, for a total transaction of $31,950.00. Following the transaction, the executive vice president now owns 71,365 shares of the company’s stock, valued at approximately $506,691.50. The sale was disclosed in a filing with the SEC, which is available at the SEC website.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on ANNX shares. Needham & Company LLC reaffirmed a “buy” rating and issued a $16.00 price objective on shares of Annexon in a research report on Tuesday, August 13th. Cantor Fitzgerald restated an “overweight” rating on shares of Annexon in a report on Monday, September 9th. Finally, HC Wainwright reiterated a “buy” rating and set a $30.00 price objective on shares of Annexon in a report on Tuesday, August 13th. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $15.80.

Annexon Stock Down 5.3 %

The company has a 50 day simple moving average of $6.05 and a 200 day simple moving average of $5.58. The company has a market capitalization of $615.47 million, a price-to-earnings ratio of -4.78 and a beta of 1.28.

Annexon (NASDAQ:ANNX) last posted its quarterly earnings results on Monday, August 12th. The company reported ($0.23) EPS for the quarter, meeting the consensus estimate of ($0.23). On average, research analysts forecast that Annexon, Inc. will post -0.97 EPS for the current fiscal year.

Hedge Funds Weigh In On Annexon

Several hedge funds and other institutional investors have recently made changes to their positions in ANNX. Maven Securities LTD acquired a new position in shares of Annexon during the second quarter worth about $170,000. Susquehanna Fundamental Investments LLC boosted its holdings in Annexon by 385.6% in the second quarter. Susquehanna Fundamental Investments LLC now owns 163,025 shares of the company’s stock worth $799,000 after purchasing an additional 129,455 shares during the period. The Manufacturers Life Insurance Company increased its stake in Annexon by 67.5% during the second quarter. The Manufacturers Life Insurance Company now owns 157,136 shares of the company’s stock valued at $770,000 after purchasing an additional 63,330 shares during the last quarter. AQR Capital Management LLC raised its holdings in shares of Annexon by 2,356.2% during the second quarter. AQR Capital Management LLC now owns 279,463 shares of the company’s stock worth $1,369,000 after purchasing an additional 268,085 shares during the period. Finally, Point72 Europe London LLP bought a new position in shares of Annexon in the 2nd quarter worth about $1,150,000.

Annexon Company Profile

Annexon, Inc, a clinical-stage biopharmaceutical company, discovers and develops medicines for treating inflammatory-related diseases. Its lead candidate is ANX005, an investigational full-length monoclonal antibody, which is in Phase 3 clinical trial for the treatment of patients with guillain-barré syndrome; completed Phase II clinical trial for treating Huntington's disease; and in Phase II clinical trial for the treatment of amyotrophic lateral sclerosis.